Modern Wealth Management

Darrick Hutchens and Ray Kramer

Welcome to Modern Wealth Management by Monon Wealth, where we tackle pertinent financial topics to help better position you and your business for success. Listen as Darrick Hutchens and Ray Kramer, Managing Partners of Monon Wealth Management, tap into four decades worth of experience in the financial sector and unpack their strategies for today's level of modern wealth management. So, sit back, relax, and enjoy enlightening conversations that highlight an array of financial questions and topics. read less
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Episodes

Grow Your Money in 2024 and Beyond!
Jan 23 2024
Grow Your Money in 2024 and Beyond!
Welcome back to Modern Wealth Management! We're excited to kickoff Season Two of our show, where we'll explore the various sectors of wealth management, as well as community conversations and personal development topics. To launch our second season of the show, we're diving into the overall importance of establishing, and sticking to, an investment strategy. Join Darrick Hutchens, Co-Founder of Monon Wealth Management, as he shares some key insights into investment management and offers strategies for growing your money in 2024 and beyond!Sit back, relax and enjoy the launch of our all-new season of Modern Wealth Management!Chapters:0:00 - Welcome back to Season Two!1:12 - Designing an investment portfolio for 2024 and beyond2:27 - Why thorough discussions on your investment portfolio is so important6:31 - You can't bend with the ebbs and flows of the market8:27 - The three things you need to consider with regard to growing your money in 20249:44 - Develop and understand your long-term investment objectives12:33 - Time reduces risk16:38 - Building your asset allocation plan20:22 - The idea of a 60/40 portfolio and comparing stocks vs. bonds25:43 - Considering foreign markets for your investment plan29:30 - Picking the specific securities you're interested in32:27 - Staying invested over a long period of time34:20 - Investor behaviors in response to the technology sector in the 90's39:38 - Warren Buffet's approach 42:50 - The key takeaways from today's episode44:50 - How to get in touch with Darrick and his team46:02 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn
Five Critical Wealth Planning Mistakes of Successful Family Businesses
Mar 28 2022
Five Critical Wealth Planning Mistakes of Successful Family Businesses
Running a successful family business takes a tremendous amount of both working hard and working smart, as well as navigating family dynamics along the way! On the latest installment of Modern Wealth Management, Darrick explores some of the key mistakes that too many successful family businesses make and how to best avoid them.Given Darrick's extensive experience working with family businesses over the last two decades, he has plenty of stories to share! Sit back, relax, and enjoy another thought-provoking episode that's bound to leave you with some considerations for your own family business. Timecodes:0:06 - Introduction and overview on the topic of the day1:15 - The overall need for wealth planning within a family business6:18 - The risks that arise within family businesses7:31 - What family businesses should be looking for in their wealth manager11:56 - Pick out a wealth manager that isn't product-oriented15:37 - How Darrick's clients react to his wealth planning process17:05 - The mistake of hyper-focusing on mitigating taxes22:35 - Don't be secretive about your wealth29:40 - The importance of ongoing maintenance with your wealth plan32:20 - What a family should do if their wealth plan is out of date35:51 - You don't need to view the sale of the family business as a failure42:04 - How you can get in touch with Darrick and his team for further discussions44:02 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn
Mental Toughness Within Wealth Management
Mar 2 2022
Mental Toughness Within Wealth Management
In the latest installment of Modern Wealth Management, we welcome Dr. Rob Bell, Author and Mental Toughness Coach, to the show to discuss how mental toughness can play a vital role within wealth management overall. Listen, as Darrick and Dr. Rob share details on their personal and professional relationship, which led Darrick to understand the importance of having emotional strength in the face of adversity. This episode is packed with helpful information that's universally applicable to us all. You're not going to want to miss this one! So sit back, relax, and enjoy a thought-provoking episode!Timecodes:0:06 - Introduction and overview on today's guest0:56 - Darrick's personal relationship with Dr. Rob Bell5:51 - Dr. Rob stresses the importance of teachable moments in our lives9:42 - Where mental toughness has its place within the lives of non-athletes13:03 - "Process versus outcome"17:48 - We shouldn't be deviating from our processes22:40 - Know what game you're playing23:22 - People have been damaged by the pandemic28:37 - How you can refill your tank31:50 - Is it possible to come out of the pandemic stronger? 37:00 - Running from market volatility is counterintuitive39:24 - "We don't have to be smarter than the rest. We have to be more disciplined than the rest."43:00 - With Russia's invasion into the Ukraine, it's not the time to take action in your portfolio46:11 - What does "ice in your veins" mean and how do you develop that toughness?49:19 - How to find Dr. Rob Bell online and connect with him49:52 - Closing remarksConnect with Dr. Rob Bell:WebsiteConnect with Darrick and Ray:WebsiteFacebookLinkedIn
Overview on Upcoming Tax Proposals with Lisa Curry
Dec 1 2021
Overview on Upcoming Tax Proposals with Lisa Curry
A new year brings a new batch of tax proposals that could leave you scratching your head. In the latest installment of Modern Wealth Management, we bring you a special edition of the show that features a unique guest from the tax planning realm. Darrick is joined by Lisa Curry, Partner at Katz, Sapper & Miller, to address a wide variety of year end tax strategies you can incorporate into your own portfolio. Additionally, Lisa showcases the current tax proposals in existence and how you should be preparing in case some are passed. There's plenty of beneficial information packed into this episode that you don't want to miss!Timecodes:0:06 - Overview on this special edition of the show0:59 - Setting the scene on the overall importance behind tax planning within your wealth plan3:00 - Introducing Lisa Curry of Katz, Sapper & Miller5:00 - Using a business to take care of the family means8:15 - "I've heard about this. What does that mean for me?"12:15 - Increasing tax rates on corporations will still likely impact you16:05 - The top individual income tax rate and the proposed changes22:35 - Capital gains and what to expect on this front29:40 - What is going to change?34:18 - The backdoor (or mega) ROTH and where it enters the picture38:54 - Selling your business and how that can impact your taxable income42:06 - What can wealthy business owners do right now to optimize their plan47:15 - The value associated with a stress test50:45 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn
Do You Have What it Takes to Create Significant Wealth?
Aug 30 2021
Do You Have What it Takes to Create Significant Wealth?
Research shows that entrepreneurship can be one of the most effective ways to become wealthy. But, it takes a lot more than simply being a business owner to generate significant wealth. In the latest installment of Modern Wealth Management, Darrick and Ray highlight the four key drivers of business and financial success, as well as personal commitments required to become wealthy. Not only do Darrick and Ray work with an array of entrepreneurs in their wealth management business, but they themselves are entrepreneurs who built their company together. So sit back, relax, and enjoy another enlightening conversation that is bound to leave you with some things to consider for your own wealth creation process. Timecodes: 0:04 - Overview on the topic of the day1:45 - Entrepreneurship is the main generator for significant wealth today3:25 - The best practices of wealth entrepreneurs5:35 - You need to have a commitment to achieve success overall8:02 - It takes more than simply a commitment to achieve success9:37 - How the overall quality of your business model will drive wealth creation13:01 - Establishing industry connections and powerful relationships plays a major role as well15:06 - The process of building a "dream team" of employees and maintain a high-quality team18:28 - The willingness to engage with the right professionals24:24 - Working with a wealth manager, who is familiar with entrepreneurship, is also a best practice27:26 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn
What Makes an Elite Wealth Manager Elite, Exactly?
Jul 14 2021
What Makes an Elite Wealth Manager Elite, Exactly?
Affluent individuals, families, and business owners want to make the best decisions regarding their wealth and the first decision usually deals with selecting a particular wealth manager. They want to make sure they are working with the best of the best, but how can you tell if a wealth manager truly is elite? In the latest installment of Modern Wealth Management, Darrick and Ray explore an array of skills and characteristics of an elite wealth manager. Not only do they possess the highest level of financial acumen, but they understand the importance behind connecting with their clients on a human level. So sit back, relax, and enjoy another enlightening conversation that will leave you wondering if your current wealth manager is at the elite level! Timecodes:0:05 - Episode overview and the topic of the day1:50 - How are people supposed to know if a wealth manager truly lives up to their world-class reputation4:30 - How an elite wealth manager handles investment management 10:00 - Where the wealth planning component comes into play as well12:10 - What Darrick and Ray mean when it comes to "advanced planning"17:46 - What should people be looking for in a wealth manager that claims to be elite20:12 - Not all wealth managers incorporate the human element22:50 - An example of Darrick and Ray forging a successful relationship with a given client26:41 - The bottom-line on how Darrick and Ray approach their clients at Monon Wealth Management 30:10 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn
Three Reasons Life Insurance Should Be Part of Your Wealth Plan
Jun 10 2021
Three Reasons Life Insurance Should Be Part of Your Wealth Plan
Life insurance isn't the most exciting financial topic, when compared to investment planning overall. However, it's actually one of the most flexible and versatile tools that you have within your wealth planning toolkit! In the third installment of Modern Wealth Management, Darrick and Ryan explore the reasoning behind why you should incorporate life insurance into your overall wealth management strategy. When executed properly, life insurance can provide liquidity, leverage, and certainty to your financial well-being. So sit back, relax, and enjoy another enlightening conversation where Darrick shares his insights, and even his own personal reasoning behind including life insurance into his wealth plan. Timecodes: 00:05 - Overview on today's episode 02:05 - Why Darrick believes life insurance should play a role in someone's wealth plan03:22 - Wealth planning overall is vitally important 04:30 - In wealth planning, the focus should be on the person and not the product08:51 - The key roles life insurance plays within wealth planning overall12:48 - The goals life insurance can help an individual or family achieve17:54 - How life insurance can be used to help provide cash for a future need19:42 - Life insurance policies that are influential and beneficial for business owners21:30 - Life insurance shouldn't be viewed with a negative outlook23:49 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn
Preparing Heirs For Their Inheritance
May 12 2021
Preparing Heirs For Their Inheritance
In the second installment of Modern Wealth Management, Darrick and Ray explore the complex nature surrounding inheritances. The big question surrounding this topic is: Are your heirs ready to deal with the wealth you may be planning to pass on to them someday? It's an unfortunate fact that inheritors often struggle with their windfalls in a way that can be hazardous to the overall wealth. It takes proper planning and clear communication to alleviate any potential problems that could occur with the inheritance itself, as well as the beneficiaries' spending habits afterwards. We all understand the general process behind inheritances, but this episode unveils the intangible elements that come into play, especially when a significant level of wealth is being transferred. So sit back, relax, and enjoy another enlightening conversation that sheds light on a topic we all thought we knew. Timecodes:00:05 - Show overview and recap of prior episode on stress testing process02:00 - Are your heirs ready to deal with an inheritance?04:40 - The internal and external conflicts that inheritors experience07:35 - How Darrick and Ray begin with helping an heir address this process11:27 - Examples of what successful individuals are doing when it comes to passing on their wealth14:26 - Where families should begin to foster a sense of financial intelligence in their beneficiaries23:40 - Things family matriarchs and patriarchs should be considering30:10 - Who families should turn to for guidance on handling inheritances32:40 - How the inheritance conversation plays a role in stress testing overall 34:45 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn
Stress Testing
Apr 27 2021
Stress Testing
In the inaugural episode, we introduce you to our show host, Ryan Ruff, as well as Managing Partners of Monon Wealth, Darrick Hutchens and Ray Kramer. With one of the most financially tumultuous years now behind us, there is a great deal of uncertainty surrounding finances. Whether it was the COVID-19 pandemic, the controversial Presidential Election of 2020, or other factors, many people are wondering how to responsibly position their finances for success in 2021. Allow Darrick and Ray to help put your mind at ease and explain the benefits of stress testing. Through a robust and in-depth analysis, Darrick and Ray tap into their four decades of combined experience in the financial sector and review your personal or business finances to help calculate the right financial maneuvers given your future goals. So sit back, relax, and enjoy a thought-provoking conversation surrounding a process you should be considering today for your own financial portfolio. Timecodes: 00:05 - Show overview and introducing Darrick Hutchens and Ray Kramer03:08 - What individuals and families should be doing right now05:30 - Why this process is so valuable08:00 - The three main ways that stress tests can be utilized10:15 - An example of what prompted someone to discuss stress testing with them18:13 - An example of how a stress test helped a client from making a mistake23:36 - How Darrick and Ray tap into the human element during stress tests28:56 - How their team gets deep into the heart of their clients' goals 32:23 - A lesson that can be learned from the super rich34:40 - What the discovery process and initial questions look like 36:25 - What kind of analysis clients leave with after completing a stress testing process40:43 - Closing remarksConnect with Darrick and Ray:WebsiteFacebookLinkedIn